Press release
Absorption Chillers Market to Exceed A Value of US$ 2,050 Mn by the end of 2025
According to the latest market report published by Persistence Market Research, titled “Global Market Study on Absorption Chillers: Increasing Demand for Renewable Energy Based Air-conditioning Systems to Drive Growth during Forecast Period. Global demand for absorption chillers market is estimated to reach 12,203 units in 2016, up from 11,875 units in 2015. Demand is expected to be impeded by lacking technical know-how regarding absorption chillers maintenance and high installation cost, thereby leading to longer payback period.
PMR projects the global absorption chillers market to witness moderate growth during forecast period 2016–2024. APAC will continue to remain the largest market for absorption chillers, registering a CAGR of 6.4% during the forecast period.
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Non-industrial segment is expected to register highest CAGR in terms of unit volume, accounting for 1,342 units in 2016 and reaching value of US$ 134.2 Mn. Use of absorption chillers in the food & beverages industry is also expected to continue steadily, as combined heat & power (CHP) systems are gaining traction. Demand will be offset by sluggish adoption in end-use industries due to lacking consultation and training services regarding maintenance and operation of absorption chillers. Consumption demand for absorption chillers from the industrial segment will witness a growth rate of 4.9% in 2016 over 2015.
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http://www.persistencemarketresearch.com/market-research/absorption-chillers-market/toc
Asia Pacific is expected to remain the largest market for absorption chillers, reaching value of US$ 387.4 Mn in 2016, up from US$ 369.7 Mn in 2015. This is primarily due to expansion of end-use industries such as chemicals, pharmaceuticals, food & beverages, and power in APAC. MEA will continue to offer growth opportunities to manufacturers, with global demand expected to witness a 2.7% volume growth in 2016 over 2015. Demand is expected to be constrained in mature markets of North America and Western Europe in 2016 as well.
Broad Air Conditioning Co. Ltd., Carrier Corporation, EAW Energieanlagenbau GmbH, Hyundai Climate Control Co., Ltd., Johnson Controls, Kawasaki Thermal Eng. Co. Ltd., Robur Group, Shuangliang Eco-Energy Systems Co. Ltd., Thermax Inc., Trane Inc., and Yazaki Corporation are the key players in the market. Top players are continuously focusing on improving COP and developing renewable energy-based absorption chillers. Collaborations and joint ventures with technology providers (renewable energy) are key business strategies being adopted to increase market share.
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Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance.To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.
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